Economic Analysis Menu
Baseline General Fund revenue is expected to register about 3.0% growth in Fiscal Year 2011, a marked contrast to the significant
declines of the past two years. In total dollars, General Fund revenue is likely to finish FY 2011 at $19.1 billion, similar to
FY 2007 levels.
About 60 percent of North Carolina’s total revenue originates from tax collections and other sources comprising the General Fund and Highway Funds. Over the past 5 years, both the General Fund and Highway Funds peaked in Fiscal Years 2008 and 2009 before declining slightly in Fiscal Year 2010.
Total Transportation Revenues for FY 2010-11 are estimated at $3,782,845,785. State appropriations for the Transportation Program are provided by the Highway Fund and the Highway Trust Fund. The revenue for the Highway Fund is anticipated to increase over the 2009-10 budgeted amount by $7.7 million or 0.9%. The revenue for the Highway Trust Fund is anticipated to increase over the 2009-10 budgeted level by $53 million or 3%.
Revenue Projections in the Budget Process
- In October of an even year, prepare preliminary revenue estimates for all major tax and non-tax categories.
- By February of an odd year, finalize the OSBM revenue estimates.
- Following the legislative session in odd years, certify the revenue forecasts authorized by the General Assembly. Create revenue targets to monitor actual collections versus budgeted collections during the fiscal year.
- In March of an even year, develop preliminary revenue estimates for the upcoming short session of the General Assembly.
- About May 1 of even years, finalize the revenue estimates for presentation in the governor’s recommended adjustments to the biennial budget.
- Following the legislative session in even years, certify the authorized revenue estimates and publish in the Post-Legislative Summary. Create revenue targets to monitor actual collections versus budgeted collections during the fiscal year.